€30m still available for high-potential start-ups


4 Jun 2008

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestShare on RedditEmail this to someone

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestShare on RedditEmail this to someone

Seed funding amounting to €30m has yet to be invested in seeding promising young companies, Enterprise Ireland said yesterday.

Enterprise Ireland said that to date it has committed some €148.75m to eight seed and venture funds which have succeeded in raising in excess of €500m for investment in early-stage and growing companies.

So far five of the funds have completed their first closings, including Delta Partners, the AIB Seed Capital Fund, Atlantic Bridge Ventures, Kernel Capital Partners and Fountain Healthcare Partners.

“The 2007-2012 Seed and Venture Capital (VC) Programme, the third such programme to date, has been extremely successful in raising finance for investment in Irish companies at all stages of development,” said Feargal O Moráin, executive director of Enterprise Ireland.

“With over half a billion raised for investment to date, this is of particular benefit to seed and early-stage Irish companies.

“Enterprise Ireland is now inviting applicants for the remaining funds and is seeking co-investors who can raise a minimum fund of €30m and have the ability to access private sector and institutional capital in Ireland and internationally,” O Moráin added.

By John Kennedy